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Posted by Dubai Vista Estate on 29/03/2023
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Business Bay – Dubai

Business Bay is a district located in the heart of Dubai. It covers an area of 64 million .ft and is considered one of the largest and most dynamic business districts in the city.

Business Bay is known for its impressive skyline of skyscrapers, including the Burj Khalifa tower, which is currently the tallest tower in the world. The neighborhood is also bordered by the Dubai Canal, which offers a panoramic view of the high-rise buildings and yachts moored in the Business Bay Marina.

In addition to its striking cityscape, Business Bay is a major business center, home to many international companies, luxury hotels, restaurants, shopping malls and entertainment centers. It is easily accessible from downtown Dubai, as well as from Dubai International Airport.

Overall, Business Bay is a vibrant and modern area that attracts many professionals and tourists from around the world.

According to data from Dubai Statistics Center, the population of the Business Bay area is estimated to be around 35,000 people in 2021.

The Business Bay neighborhood is a popular place of residence for expats and professionals working in the Dubai area, due to its proximity to many major business areas and its modern amenities. The area offers a wide variety of residential properties, including apartments, villas and townhouses, making it a prime location for those seeking a modern, urban lifestyle.

Business Bay is an ever-changing neighborhood with many development projects underway, which may impact the population in the future.

Business Bay

The Business Bay district was created in 2003 by the Dubai Properties Group, a subsidiary of Dubai Holding, to develop a premier business district in the city of Dubai. The project was ambitious and involved the construction of numerous buildings, shopping centers, residential areas, restaurants, parks and other infrastructure.

The project experienced initial difficulties due to the global financial crisis of 2008, which affected the entire real estate industry in Dubai. However, thanks to the commitment of the Emirate of Dubai to economic and urban development, Business Bay has continued to grow and prosper.

Over the years, Business Bay has become one of Dubai’s most important business districts, with many real estate projects under development. Today, the district is a symbol of Dubai’s rapid economic growth and modernization, attracting major investments and companies from around the world.

Focus on Dubai Properties Group

Dubai Properties Group (DPG) is a subsidiary of Dubai Holding, an investment company owned by the State of Dubai. DPG was established in 2002 with the aim of developing large-scale real estate projects in the city of Dubai.

DPG has been involved in many iconic real estate projects in Dubai, including the creation of Business Bay, Jumeirah Beach Residence, Dubai Festival City, Dubai Silicon Oasis and Mudon Community.

DPG’s role in these projects ranges from the design and development of land to the construction, management and sale of properties. The company works closely with international partners to ensure the quality and sustainability of its real estate projects.

DPG is today one of the leading players in the Dubai real estate industry, with a reputation for quality, innovation and excellence in the design and execution of large-scale real estate projects.

Canal

What to do in Business Bay? 

There’s a lot to do in Business Bay, Dubai, whether you’re on a business trip or a vacation. Here are some of the top attractions and activities you can do in Business Bay:

  1. Visit Burj Khalifa: It is the tallest tower in the world, standing at 828 meters high. You can climb to the top to enjoy an incredible panoramic view of the city.
  2. Walking along the Dubai Canal: The canal runs through the Business Bay area and offers a magnificent view of the high-rise buildings and yachts moored in the marina.
  3. Shopping: Business Bay is home to several luxury shopping malls, including the Dubai Mall, one of the largest malls in the world, as well as the Bay Avenue Mall and the Executive Towers Shopping Boulevard.
  4. Enjoy the nightlife: The Business Bay area offers a variety of world-class bars, nightclubs and restaurants for your evening entertainment.
  5. Explore Safa Park: It is a large urban park located in the nearby Al Wasl neighborhood. The park offers a beautiful view of Dubai’s cityscape and is a great place to relax and recharge.
  6. Take a boat cruise: There are many options for taking a boat cruise along the Dubai Canal to enjoy a different view of the city.
  7. Dinner in a renowned restaurant: Business Bay is famous for its many upscale restaurants offering cuisine from around the world, from the most traditional to the most modern and innovative.
  8. Take a bike ride: There is a bike path that runs along the Dubai Canal, making it an ideal place for a bike ride while enjoying the cityscape.

Business Bay is a vibrant and diverse neighborhood that offers a multitude of activities and attractions for all tastes.

What to do in Business Bay

Focus on real estate in Business Bay

Business Bay is one of the most important business districts in Dubai and offers a wide variety of real estate properties, including apartments, offices and hotels. The Business Bay real estate market is considered one of the most dynamic and promising in Dubai.

Real estate prices in Business Bay vary depending on several factors such as location, size and property amenities. Prices are generally higher for properties located in high-rise buildings with spectacular views of the city.

Apartments in Business Bay are among the most sought-after due to their proximity to downtown Dubai and their panoramic views of the Dubai Canal. Apartment prices vary depending on the size and number of rooms, but in general, prices are considered to be in the upper range of the Dubai real estate market.

Offices in Business Bay are also very popular with local and international companies. The area is home to several modern, well-equipped office buildings with flexible workspaces and quality services. Office prices depend on many factors such as the size of the space, location, amenities and services available.

In summary, the Business Bay real estate market is considered one of the most attractive in Dubai due to its strategic location and modern infrastructure. However, as with any real estate market, prices can fluctuate depending on demand and supply.

Price per sqft

* The price per sqft in Business Bay varies depending on several factors such as location, size, quality and facilities of the property.

In general, prices for luxury residential apartments range from AED 1,500 to 2,500 (about €325 to €540) per sqft, while office and commercial space can cost from AED 1,800 to 3,000 (about €390 to 650) per sqft.

However, it is important to note that these figures can vary depending on real estate market trends, competition, property availability and many other factors. In addition, property prices in Business Bay can be influenced by trends in the Dubai real estate market as a whole.

The price of real estate rentals

* The price of real estate rentals in Business Bay varies depending on several factors such as the size, quality, location and amenities of the property, as well as the length of the rental agreement.

In general, luxury residential apartments in Business Bay can be rented from AED 100,000 (about 21,500 euros) per year for a studio apartment, to over AED 300,000 (about 65,000 euros) per year for a large four-bedroom apartment. Prices may vary depending on the quality of the property, facilities and services offered.

For office and commercial space, rental prices also vary depending on the size of the space, location, equipment and services available. Office rental prices can start as low as AED 1,500 (about EUR 325) per sqft per year for a standard office space, and can go up to more than AED 2,500 (about EUR 540) per sqft per year for a fully equipped luxury office.

It is important to note that these figures are only an estimate and may vary depending on trends in the Dubai real estate market and the availability of properties. 

The average return on investment

* The return on investment (ROI) for real estate in Business Bay can vary depending on several factors such as location, quality, amenities and duration of the investment.

In general, the Business Bay real estate market is considered one of the most attractive in Dubai, due to its strategic location and modern infrastructure. Investors can expect attractive returns on their real estate investment in Business Bay, especially due to the high demand for properties in this area.

Based on current trends in the Dubai real estate market, investors can expect an average annual rental yield of around 6-8% for residential properties in Business Bay, while for office and commercial space, the average annual rental yield can reach 7-10%.

However, it is important to note that these figures can vary depending on many factors such as the quality of the property, the amenities and services offered, as well as the trend in the real estate market at any given time. Investors should therefore exercise caution and conduct thorough research before making an investment decision.

Business Bay Facades

Location:

Business Bay is a district of Dubai, located in the center of the city, near the famous Burj Khalifa skyscraper. It is bordered by the Dubai Canal to the south, Al Khail Road to the west and Sheikh Zayed Road to the east.

The Business Bay area is considered a strategic location for businesses and investors as it offers easy access to many of Dubai’s major areas including Downtown Dubai, DIFC (Dubai International Financial Centre), Dubai Mall and Dubai Design District.

The area is easily accessible by public transportation, including the Dubai Metro, which has several stations located near the neighborhood.

The Business Bay area is also close to Dubai International Airport, making it a convenient location for business travelers.

Due to its central location and proximity to many of Dubai’s major attractions and amenities, the Business Bay area is a prime location for residents and investors seeking a vibrant, urban lifestyle.

Here are some approximate travel times in minutes from Business Bay to key destinations in Dubai by car or metro:

  • Burj Khalifa/Downtown Dubai : 5-10 minutes by car, 5-7 minutes by metro
  • Dubai Mall : 5-10 minutes by car, 5-7 minutes by metro
  • Dubai International Financial Centre (DIFC) : 5-10 minutes by car, 5-7 minutes by metro
  • Dubai Design District : 10-15 minutes by car, 10-12 minutes by metro
  • Dubai Marina : 15-20 minutes by car
  • Palm Jumeirah : 20-25 minutes by car
  • Dubai International Airport : 15-20 minutes by car

Business Bay Building

Jobs in Business Bay

Business Bay is one of Dubai’s main business districts, with many companies, large and small, having offices in the area. It is also being developed as a center for innovation and cutting-edge technology.

The district is home to a variety of businesses and industries, including financial services firms, management consulting firms, technology companies, construction and engineering firms, and hospitality and tourism companies.

As a result, Business Bay offers many job opportunities in different sectors and for different skills. Job openings can be found on company websites, online job boards and recruitment agencies.

It is also worth noting that Dubai offers a wide variety of job opportunities in different sectors, especially in the fields of hospitality, tourism, finance and technology. However, it is important to familiarize yourself with the visa and work permit requirements before seeking work in Dubai.

Is it a good idea to invest in Business Bay? 

As with any real estate investment, it is important to consider key factors before deciding whether it makes sense to invest in real estate in Business Bay. This can include the current economic situation, the projected future growth of the area, the real estate market and the prospects for real estate value appreciation, as well as the costs and risks associated with the investment.

That said, Business Bay is one of Dubai’s most popular business districts, with a wide variety of residential and commercial properties available for purchase. There are reasons to believe that real estate in Business Bay could be a wise investment for the following good reasons:

  • Strategic location: Business Bay is strategically located, with easy access to major roads and highways, as well as to many of Dubai’s business sites and tourist attractions. This makes it a popular area for real estate investors.
  • High demand: As Business Bay is an ever-changing business district, there is a high demand for residential and commercial properties in the area, which can be an advantage for real estate investors.
  • Projected growth: The Dubai authorities have big plans for the development of the region, with many development projects underway. This could have a positive impact on property values in the region.
  • Potential return on investment: Real estate investment can offer attractive returns in terms of rental income and long-term appreciation, particularly for properties that are well-located and in demand.

By Dubai Vista Estate

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